That's a thought I, and several other people, have had.
If only we bought doge a year ago, or hell in January. If only we had bought Ethereum a year ago before it quadrupled in value.
You're gonna experience a lot of if only-s, but should you feel bad about it? NOPE!
Ask yourself, why didn't I invest at the time?
- Was it fear?
The fear of losing your money, the fear that once you invest everything will crash down and you'd live with regret.
That's a valid answer. Being careful in life and being smart with your money aren't bad things. Not all of us are are financial/economics experts, hell I barely know anything about stocks let alone crypto. You think anyone could have predicted doge's rise? A meme coin that could potentially be a pump and dump scheme but that has still made millions for some lucky people. How many coins exist? How many are hyped up and lead to nowhere with people losing their money on them? Being scared to invest in something you don't know about is completely normal and a good thing. We're constantly bombarded by new developments in the crypto world, the front page is littered with new coins, new ways to make coins, guides about selling and buying NFTs... How would someone without a background in economics, finance or anything related by able to absorb this info in such a short amount of time?
Most of us can't. Just because some people got lucky doesn't mean you should feel bad or stupid for not doing the same. There's no shame in taking your time and studying what you're investing in, which brings me to my other point.
- Can I afford to invest?
Every person is different. Some people can spend $100 monthly on coins, others can spend $10,000, while people like me are just getting by and don't have the luxury to spend a dollar. And that's an important reminder to everyone: DO NOT SPEND WHAT YOU CAN'T AFFORD TO LOSE. If you want to spend $100, then be sure you're okay with throwing $100 in the trash, not because you'll definitely lose it, but because you might, especially in a volatile market where stress can get the best of you and make you sell at a loss. More importantly, just because you can afford to lose money now doesn't mean you can afford to lose it in the future. Always think ahead, make sure that that $100 you're going to spend and that you don't need for the month, won't be important two to three months from now. The temptation is very strong, especially when you hear how many people are making thousands, and even millions of dollars, but you still have to think about what's possible for you. Yes it sucks not being able to play the game right now, but we have priorities and sometimes things are out of our control in life and we just need to be patient and keep moving ahead until we reach a point where we can risk it. The hundreds of stories you hear about poor people who are suddenly rich because of doge aren't necessarily false but please remember that there are many more stories of people losing money, money they needed for survival.
- Do I feel overwhelmed?
Everything has been moving so quickly over the past year in the crypto world. Not being able to keep up with it all is perfectly normal, and expected from people who know next to nothing about economics and cryptocurrency. Even people who are experienced investors and who rode the crypto wave since the start will tell you it's complicated. Taking your time and doing your homework instead of throwing your money based on hype and someone else's advice (which may or may not be legit) is one of the right things to do.
The Bottom Line
This post was more about me expressing some of my ongoing frustrations in my personal life and hopefully reaching out to some of you. Life isn't fair, some people have all the luck on the world, some people are better off financially, but you shouldn't feel bad about it. You can't control everything in your life, but you can make sure not to take uncalculated risks and wait for the right opportunity to get into the game. It's never too late, you just gotta take your time and play when you're ready.